Indian dating app TrulyMadly has raised an additional $2.1 million as part of its pre-Series A funding round.
The new funds will be used to help the platform expand into different markets and release some undisclosed new products. TrulyMadly is planning to increase its focus on developing artificial intelligence technology and a machine learning algorithm.
A number of venture capitalists and angel investors were involved in the raise. They were joined by Paytm founder Vijay Shekhar Sharma, InMobi co-founders Abhay Singhal and Piyush Shah, and Nodwin Gaming founder Akshat Rathee.
Existing investors Inflection Point Ventures, The Chennai Angels and AngelList were also involved. They had previously helped TrulyMadly to raise $1.1 million midway through last year.
The dating app’s co-founder and CEO Snehil Khanor said in a statement: “The strong growth is backed by our mission of removing stigma associated with dating and dating apps in India. The 4x growth in revenue over last year is reflective of the value our proprietary technology has brought to young millennials with serious intent towards relationships.
“Our next stage of growth will be led by further developing our technology platform to enhance experience and increase our reach in Tier 2-3 cities. In the next six months we are slated to launch some amazing new product features catered specifically to the Indian way of dating.”
TrulyMadly has also seen a 10x growth from Tier 2 and Tier 3 cities, as more rural areas get better access to the internet and mobile devices.
Khanor has previously spoken openly about how the company was on the brink of closing down in 2018, but the team gave it one last shot by rewriting the code and launching a new app.
Read more here.